Billionaire Adani’s unit considers scrapping Myanmar deal after coup

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YANGON/BOMBAY, May 5 (Bloomberg): Billionaire Gautam Adani-controlled Adani Ports and Special Economic Zone Ltd. is considering abandoning a plan to set up a container terminal at Yangon in Myanmar and write down the investment after a military coup in that country.

"In a scenario wherein Myanmar is classified as a sanctioned country under OFAC, or if OFAC opines that the project violates the current sanctions, Adani Ports plans to abandon the project and write down the investment,” the port company said in an investor presentation on Tuesday, referring to the U.S. Department of the Treasury’s Office of Foreign Assets Control.